These cities have the most ultra-rich people

The London School of Economics professor Danny Quah forecasts that by 2050 the world's economic centre of gravity, a theoretical measure of the focal point of global economic activity based on GDP, will have shifted eastwards to lie somewhere between China and India

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Image: The 88 storey high Two IFC, the highest building in Hong Kong, stands on the waterfront facing the territory's Victoria Harbour.Photographs: Bobby Yip/Reuters

These cities have the most ultra-rich people

These forecasts are inﬂuenced by the expected economic performance of countries in the Asia-Paciﬁc region. While rapid GDP growth does not in itself guarantee a sharp rise in HNWIs, rapidly growing economies do provide key opportunities for large-scale wealth creation.

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Image: A man crosses the Mall, decked out in Union flags and with Buckingham Palace in the background, in London.Photographs: Andrew Winning/Reuters

These cities have the most ultra-rich people

The IMF predicts emerging economies will expand by 5.4 per cent this year and 5.9 per cent next year. While this certainly marks a signiﬁ cant downgrade from previous forecasts, it still outpaces the average GDP growth of 1.2 per cent and 1.9 per cent expected this year and next in advanced economies.

These cities have the most ultra-rich people

Developing Asia's share is expected to rise from 27 per cent to 49 per cent in 2050. China will overtake the US to become the world's largest economy by 2020, which in turn will be overtaken by India in 2050.

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Image: A man walks in Lujiazui financial district in Pudong, Shanghai.Photographs: Carlos Barria/Reuters

These cities have the most ultra-rich people

Citi research shows that while China and India are likely to grow rapidly over the next 40 years, there are other key countries with promising chances for growth that do not necessarily match the traditional assumptions about where future growth will emanate from.

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Image: The Marina Bay Sands hotel and ArtScience Museum is seen before Earth Hour in Singapore.Photographs: Matthew Lee/Reuters

These cities have the most ultra-rich people

For example, Russia and Brazil, which make up the so-called BRIC nations alongside China and India, do not make it on to Citi's list of Global Growth Generators - or '3G' countries. Instead, Citi includes countries such as Bangladesh, Egypt, Indonesia, Iraq, Mongolia, Nigeria, Philippines, Sri Lanka and Vietnam on this list.

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Image: A cityscape of Hong Kong is see from the Peak, moments after sunset.Photographs: Bobby Yip/Reuters

These cities have the most ultra-rich people

Mexico, Turkey, Thailand and Iran are also mentioned as countries to watch, as is Brazil, although Citi says major ﬁ scal or political adjustments would have to take place before they would be eligible to join the 3G list.

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Image: A view of the Trocadero Plaza in Paris, and the La Defense business district beyond the capital.Photographs: Benoit Tessier/Reuters